Part of the problem for the #Fed is that consumer confidence is not just collapsing due to rising #inflation, but "high" interest rates. So if the Fed tries to raise confidence by fighting inflation with interest rate hikes, it may backfire and cause confidence to plunge further.

Mining stocks surrendered earlier gains as #gold paired its gains from being up $30 to up "only" $18. But there is no reason for mining stocks to be unchanged with an $18 rise in the gold price, especially given how cheap these stocks still remain relative to gold. Buy the dip.

Collapsing consumer sentiment together with rising #inflation expectations mean Biden's already low approval rating is about to sink even lower. As #recession looms, the #Fed will need rate cuts & QE to give #Biden any chance of re-election. But that means even higher inflation.

Consumer sentiment plunged in May as #inflation fears surged. Analysts expected a slight decline from 77.2 in Mar. to 77. Instead it sank to 67.4, the lowest in 2024, as year-ahead inflation expectations jumped from 3.2% to 3.5%. Inflation expectations are anything but anchored.

When the #BitcoinETFs launched four months ago there were no sellers, only buyers. But now that so many investors own the ETFs, the supply of potential sellers is large. But with waning demand from new buyers, ETF outflows will soon put significant downward pressure on #Bitcoin.